Bank of Canada Governor: Welcomes US-Iran interim agreement, global energy prices have started to decline

Golden Ten Data reported on June 23 that Bank of Canada Governor Macklem stated that the agreement reached between the United States and Iran to end the conflict and allow crude oil to be transported through the Strait of Hormuz is a welcome development for the global economy. Macklem briefly mentioned this during a speech themed on global imbalances, saying, "Global energy prices have started to decline, although many issues still need to be resolved." Driven by rising gasoline prices, Canada's inflation rate accelerated in May, reaching its highest level since 2023. Economists believe that an immediate pullback in energy prices should lead to a softening of overall inflation, and given that core CPI appears to be under control, this will provide further reassurance to the Bank of Canada.